Author: Aishat Olalere

The Federal Mortgage Bank of Nigeria (FMBN) Managing Director, Shehu Usman Osidi, stated while hosting the management of shelter Afrique Development Bank recently in Abuja that the FMBN has initiated the rehabilitation process to revive about 46 abandoned housing project nationwide. Oshodi said rehabilitation of abandoned housing would be achieved through a partnership with Shelter Afrique Development Bank, a pan-African finance institution that exclusively supports the development of the housing and real estate sector in Africa. He also added that the intensified collaboration will help provide construction and mortgage financing to developer in Nigeria. Nigeria has over 46 abandoned project…

The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced in Apapa, Lagos State, during the presentation and inauguration of seven security patrol boats by the Nigerian Ports Authority on Thursday that the Federal Government has said that the $1.1bn needed for the rehabilitation of the ports in the country is almost ready. The Managing Director of NPA, Mr Mohammed Bello-Koko, said during a panel session at the 43rd Annual Council Meeting of the Port Management Association of West and Central Africa in Lagos that in November, it was reported that the Nigerian Ports Authority said it was launching over $800m…

Short-term interest rates jerked strongly as liquidity pressures in the money market took another dimension. Deposit money banks paid another visit to the central bank’s standing lending facility window to augment their funding profile. The banks were debited 32.5% of their deposits increase for cash reserve ratio (CRR) maintenance, thus triggering another rush toward borrowings from the CBN window. According to data from the FMDQ platform, the overnight lending rate expanded by 108 basis points to 26.5% after the financial system debited N1.3 trillion for net treasury bills auction, according to a note from Cordros Capital Limited. At the primary…

On Thursday, the Chief Executive Officer of the Financial Reporting Council of Nigeria, Dr Rabiu Olowo received, in audience, the Netherland Consul-General in Lagos, Michel Deelen, to discuss the about the Accounting Development Tool in Nigeria project being done in partnership with the United Nations Conference on Trade and Development. Olowo said Financial transparency can be promoted in Nigeria through development of Accounting Development tools. Olowo explained that though current economic hardship in the country would make companies susceptible to manipulation in the presentation of their financial reports, he said that as a regulator, the FRC would be alert to…

The University College Hospital in Ibadan (UCH), Oyo State power supply was disconnected by Ibadan Electricity Distribution Company (IBEDC) over N500 million debt. The IBEDC spokesperson, Busolami Tunwase, denied that the teaching hospital was disconnected, even as she confirmed that it owed the DisCo about N500m. She said that there was a technical fault that led to a power outage in UCH, though the hospital had repeatedly ignored several appeals to pay its debt. The Chief Medical Director of UCH, Dr Jesse Otegbayo, confirmed on Thursday that the hospital was disconnected by IBEDC but declined to disclose the cause of…

Foreign investments in Nigeria’s manufacturing industry went up by $644m in 2023 to $1.5bn from $948m in the prior year, according to data from the National Bureau of Statistics. According to National Bureau of Statistics, Foreign investment in Nigeria’s manufacturing industry increased by $644m in 2023, from $948m in 2022 to $1.5bn in 2023. It was stated in the capital importation report that manufacturing ranked first as the sector with the most investments. The banking and finance sectors (treated separately) came a distant second and third as the sectors that made up the top three investment magnates. Investments in manufacturing…

The President of the Chartered Institute of Taxation of Nigeria, Samuel  Agbeluyi, expressed its concern over the high level of tax evasion in Nigeria, especially among the wealthy class while fielding questions from newsmen during the 2024 Council Retreat with the theme ‘Making CITN the Professional Institute of Choice: Strategies and Options’ held in Uyo, Akwa Ibom State on Thursday. Agbeluyi said that the institute was looking at bringing such categories of people into the tax net, to give back to the society that had contributed to their success. He explained that though CITN as an institute was working with…

The National Public Relations Officer of the service, Abdullahi Maiwada, disclosed in a statement on Tuesday, it had concluded plans to commence the direct distribution of seized food item in Nigeria. The Comptroller General of Customs, Adewale Adeniyi, has said that the distribution of seized food items would commence on Friday. Adeniyi, He also warned while speaking with journalist on Thursday in Lagos that the distributed seized food item must not be sold. He also added that customs officers were banned from partaking in the exercise, adding that the rice would come in 25kg, which would be sold for N10,000…

The Federal revenue ,N1.149 trillion, was shared by the Federal allocation Commitee (FAAC) to Federal Government, state and Local Government council (LGC) for January. According to a communique Issued by FAAC, the N1,149 trillion total distributable revenue comprised statutory revenue of N463.079 billion, and Value Added Tax (VAT) revenue of N391.787 billion. The revenue was shared at the February meeting of FAAC chaired by the minister of Finance and coordination Minister for the economy, Wale Edun. The revenue also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.922 billion and Exchange Difference revenue of N279.028 billion. The total revenue of…

The Association of Bureau De’Change Operators of Nigeria (ABCON) has concluded plans to automate its trading operations to eliminate the activities of market speculators and street traders. on Wednesday, the ABCON President, Aminu Gwadabe, speaks in an interview with and said the association has developed an automation platform, which, if okayed by the Central Bank of Nigeria, would help revolutionise the retail FX market. This was as the association backed the recent clampdown by the government on persons selling and buying foreign currencies on the streets. Since the year started, Nigeria’s local currency has depreciated severely, sliding down to N1,900…